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Hollyfrontier Corp (HFC) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2015

Hollyfrontier Corp

CIK: 48039 Ticker: HFC


Press Release
February 24, 2016


HollyFrontier Corporation Reports Quarterly Net Income

Dallas, Texas, February 24, 2016 ‑‑ HollyFrontier Corporation (NYSE-HFC) (“HollyFrontier” or the “Company”) today reported a fourth quarter net loss attributable to HollyFrontier stockholders of $43.9 million or $(0.24) per diluted share for the quarter ended December 31, 2015, compared to a net loss of $222.2 million or $(1.13) per diluted share for the quarter ended December 31, 2014. Included in the current quarter results was a non-cash inventory valuation charge that decreased after-tax earnings by $88.0 million or $0.48 per share compared to $244.0 million or $1.25 per share for the quarter ended December 31, 2014. Excluding this inventory valuation charge, after-tax earnings were $44.1 million, or $0.24 per share compared to $21.8 million, or $0.12 per share for the quarter ended December 31, 2014.
2014
Net income attributable to our stockholders (exclusive of fourth quarter 2015 and 2014 inventory valuation charges)increased by $22.3 million for the quarter compared to the same period of 2014. This increase principally reflects lower operating costs and increased sales volumes, partially offset by a decrease in refining margins. For the fourth quarter, crude oil charges averaged 407,000 barrels per day ("BPD") and production levels averaged approximately 421,000 BPD. On a per barrel basis, consolidated refinery gross margin was $9.91 per produced barrel compared to $10.76 for the fourth quarter of 2014. Total operating expenses for the quarter were $285.2 million compared to $318.4 million for the fourth quarter of last year.

HollyFrontier’s President & CEO, George Damiris, commented, “We have begun to see the benefits from the successful execution of our business improvement plan in our 2015 results. For the year, our reliability and process safety initiatives drove our refinery utilization rate to 97.6%, the highest level achieved since our merger and a 6% increase compared to our 2014 utilization rate of 91.7%. Additionally, improved operational reliability, our cost management initiative and lower natural gas costs contributed to a 7% reduction in operating expenses compared to 2014. Strong operational performance, improved realized margins and lower operating costs drove a 74% increase in earnings per share compared to 2014 (exclusive of inventory valuation charges).”

For the fourth quarter of 2015, net cash provided by operations totaled $76.3 million. During the period, we declared a regular dividend of $0.33 per share to shareholders totaling approximately $60.1 million and spent $261.1 million on stock repurchases. At December 31, 2015, our combined balance of cash and short-term investments totaled $210.6 million, and our consolidated debt was $1.0 billion. Our debt, exclusive of Holly Energy Partners' debt which is nonrecourse to HollyFrontier, was $31.3 million at December 31, 2015. We had no cash borrowings or outstanding principal under the HollyFrontier credit facility during the quarter.

The Company has scheduled a webcast conference call for today, February 24, 2016, at 8:30 AM Eastern Time to discuss fourth quarter financial results. This webcast may be accessed at: https://event.webcasts.com/starthere.jsp?ei=1089438. An audio archive of this webcast will be available using the above noted link through March 9, 2016.

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high-value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier operates through its subsidiaries a 135,000 barrels per stream day (“BPSD”) refinery located in El Dorado, Kansas, two refinery facilities with a combined capacity of 125,000 BPSD located in Tulsa, Oklahoma, a 100,000 BPSD refinery located in Artesia, New Mexico, a 52,000 BPSD refinery located in Cheyenne, Wyoming and a 31,000 BPSD refinery in Woods Cross, Utah. HollyFrontier markets its refined products principally in the Southwest U.S., the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. A subsidiary of

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The following information was filed by Hollyfrontier Corp (HFC) on Wednesday, February 24, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hollyfrontier Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Income
Cash And Cash Equivalents And Investments In Marketable Securities
Cash And Cash Equivalents And Investments In Marketable Securities (available-for-sale Securities) (details)
Cash And Cash Equivalents And Investments In Marketable Securities (narrative) (details)
Cash And Cash Equivalents And Investments In Marketable Securities (tables)
Contingencies And Contractual Commitments
Contingencies And Contractual Commitments (details)
Contingencies And Contractual Commitments (tables)
Debt
Debt (carrying Amounts Of Long-term Debt) (details)
Debt (narrative) (details)
Debt (principal Maturities Of Long-term Debt) (details)
Debt (tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (narrative) (details)
Derivative Instruments And Hedging Activities (summary Of Balance Sheet Locations And Related Fair Values Of Outstanding Derivative Instruments) (details)
Derivative Instruments And Hedging Activities (tables)
Derivative Instruments And Hedging Activities Derivatives And Hedging Instruments Gains Losses Due To Settlements Hedge Ineffectiveness (details)
Derivative Instruments And Hedging Activities Interest Rate Swaps (details)
Derivative Instruments And Hedging Activities Location Of Gain Loss In Income Statement (details)
Derivative Instruments And Hedging Activities Notional Contracts By Derivative Type (details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (details)
Description Of Business And Summary Of Significant Accounting Policies (policies)
Earnings Per Share
Earnings Per Share (schedule Of Earnings Per Share) (details)
Earnings Per Share (tables)
Environmental
Environmental (details)
Financial Instruments
Financial Instruments (changes In Level 3 Inputs) (details)
Financial Instruments (estimated Fair Values Of Debt Instruments) (details)
Financial Instruments (tables)
Goodwill
Goodwill (schedule Of Changes By Segment To The Carrying Amount Of Goodwill) (details)
Holly Energy Partners
Holly Energy Partners (narrative) (details)
Income Taxes
Income Taxes (deferred Tax Assets And Liabilities) (details)
Income Taxes (narrative) (details)
Income Taxes (provision For Income Taxes) (details)
Income Taxes (reconciliation Of Effective Tax Rate) (details)
Income Taxes (reconciliation Of Unrecognized Tax Benefits) (details)
Income Taxes (tables)
Inventories
Inventories (inventory Components) (details)
Inventories (narrative) (details)
Inventories (tables)
Lease Commitments
Lease Commitments (narrative) (details)
Lease Commitments (schedule Of Minimum Future Rental Commitments Under Operating Leases) (details)
Lease Commitments (tables)
Other Comprehensive Income (loss)
Other Comprehensive Income (loss) (accumulated Other Comprehensive Loss In Equity) (details)
Other Comprehensive Income (loss) (components And Allocated Tax Effects Of Other Comprehensive Income (loss)) (details)
Other Comprehensive Income (loss) (tables)
Other Comprehensive Income (loss) Other Comprehensive Income (loss) Amounts Reclassified To Income Statement (details)
Properties, Plants And Equipment
Properties, Plants And Equipment (components Of Property, Plants And Equipment) (details)
Properties, Plants And Equipment (narrative) (details)
Properties, Plants And Equipment (tables)
Quarterly Information (unaudited)
Quarterly Information (unaudited) (schedule Of Quarterly Information) (details)
Quarterly Information (unaudited) (tables)
Retirement Plan
Retirement Plan (changes In Benefit Obligation And Plan Assets) (details)
Retirement Plan (effect Of One Percent Change In Health Care Cost Trend Rates) (details)
Retirement Plan (narrative) (details)
Retirement Plan (net Periodic Pension Expense) (details)
Retirement Plan (tables)
Retirement Plan (weighted Average Assumptions Used For Health Care Trend Rates) (details)
Retirement Plan (weighted Average Assumptions Used To Determine End Of Period Benefit Obligations) (details)
Segment Information
Segment Information (narrative) (details)
Segment Information (schedule Of Segment Reporting Information) (details)
Segment Information (tables)
Significant Customers
Significant Customers (details)
Stock-based Compensation
Stock-based Compensation (narrative) (details)
Stock-based Compensation (summary Of Performance Share Unit Activity) (details)
Stock-based Compensation (summary Of Restricted Stock Activity) (details)
Stock-based Compensation (tables)
Stockholders' Equity
Stockholders' Equity (changes To Equity) (details)
Stockholders' Equity (tables)
Supplemental Financial Information
Supplemental Financial Information (consolidating Balance Sheet) (details)
Supplemental Financial Information (consolidating Statement Of Cash Flows) (details)
Supplemental Financial Information (consolidating Statement Of Income) (details)
Supplemental Financial Information (tables)
Ticker: HFC
CIK: 48039
Form Type: 10-K Annual Report
Accession Number: 0000048039-16-000090
Submitted to the SEC: Wed Feb 24 2016 3:48:50 PM EST
Accepted by the SEC: Wed Feb 24 2016
Period: Thursday, December 31, 2015
Industry: Petroleum Refining

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